Ethereum Price Analysis: Is ETH Gearing Up for a Rebound After Hitting $2,960 Low?
Title: Ethereum (ETH) Poised for Rebound as Analyst Predicts End of Correction
Ethereum (ETH) has been on a rollercoaster ride in the crypto market, experiencing a significant correction that saw it drop to a two-month low of $2,850. However, according to notable crypto market analyst Tara, ETH could be gearing up for a rebound after hitting a previous target low of $2,960.
Tara initially predicted that Ethereum could see further downside to $2,700 as part of the ongoing correction. However, in a recent update, Tara suggested that the correction might be coming to an end, pointing to a shift in sentiment across the market.
The recent bullish push in Bitcoin (BTC), which surpassed its correction target and surged above $63,000, has also had a positive impact on Ethereum. ETH has seen green candle closes on the 1-hour chart and has rallied by 4.71% since touching the $2,960 support level.
With Ethereum now trading at $3,083, up 3.15% today, the focus is on whether ETH can sustain this bullish momentum. Tara highlights key resistance levels at $3,115 and $3,164 that Ethereum needs to breach to confirm its bullishness.
CryptoQuant data indicates a decrease in Open Interest for Ethereum, suggesting a potential trend reversal from bearish to bullish. Additionally, the funding rate and Coinbase Premium Index point to growing demand for Ethereum among investors.
While the market remains volatile, Ethereum’s recent price movements and indicators suggest that the second-largest cryptocurrency by market cap could be on the path to recovery. Investors are advised to conduct thorough research before making any investment decisions.
